India’s Retail Digital Payment Likely to Double 7 Trillion Dollars By 2030, study shows

According to a joint study by Kearney and Amazon Pay, India's retail digital payments are expected to double to 7 trillion dollars by 2030. The study, titled "How Urban India Pays," reveals that digital payments for retail transactions in India have surged to 3.6 trillion dollars in the financial year 2023-24, up from 300 billion dollars in the financial year 2017-18.

UPI transactions were introduced in India on April 11, 2016. The digital transaction levels have seen a 138 percent growth in the Unified Payment Interface (UPI) payments levels from the financial year 2018 to 2024.

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The report also states that India’s e-commerce market was worth 75 billion dollars to 80 billion dollars in 2022, which is expected to grow 21 percent by 2030. In India, cards and digital wallet transactions make up to 10 percent of the digital transaction value. India’s digital transactions alone clocked in 46 per cent of the entire world’s digital payment volumes in 2022, according to the report.

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